1) Nexus is a proposed system by the Bank for International Settlements that would create a global network allowing instant cross-border payments using just a phone number, similar to domestic mobile payment systems. 2) It would work by connecting existing domestic payment apps and networks through a common set of rules and protocols called the Nexus Scheme. This would avoid the need for direct connections between each country's system. 3) The system is supported by Singapore and India, two countries with powerful domestic mobile payment networks, and could help reduce the high costs of international transfers and support global commerce.